STEN 3970 Study Guide - Midterm Guide: Frustration Of Purpose, Inequality Of Bargaining Power, Fiduciary
18 Apr 2018
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Chapter 9: grounds upon which a contract may be set aside: mistake and misrepresentation. Setting aside a contract is not an easy task. In the interests of commercial certainty, courts tend to hold parties to the bargains they make. However, in rare circumstances, courts recognize the need to set aside a contract. This chapter considers several equitable principals that allow a party to be released from a contract and returned to a pre-contract position. Parties may enter into a contract only to regret it later perhaps it turns out to be quite differe(cid:374)t fro(cid:373) (cid:449)hat (cid:449)as i(cid:374)te(cid:374)ded, or the(cid:455) de(cid:272)ide that is (cid:449)as u(cid:374)(cid:449)ise. The(cid:455) (cid:373)ade a (cid:862)(cid:373)istake(cid:863) and wish to be released from it. (cid:862)legal (cid:373)istake(cid:863) is (cid:374)ot the sa(cid:373)e as a (cid:862)(cid:373)istake(cid:863), i(cid:374) its (cid:373)ore ge(cid:374)eral, e(cid:448)er(cid:455)da(cid:455) (cid:272)o(cid:374)te(cid:454)t. Just because things do not turn out as expected does not mean a legal mistake has been made.
